Brightshore Capital Acquires MultiFamily Asset In Long Island City For $145 Million

The asset involved in the transaction is a MultiFamily property located at 29-15 40th Road and 29-24 40th Avenue in the Long Island City market. The sale price for the property was $145,000,000, comprising 190 units across a total square footage of 129,000. The price per unit stands at $763,158 and the price per square foot is $1,124.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $145,000,000
• Buyer: Brightshore Capital
• Seller: SB Development, Hazelton Capital Group & Avenue Realty Capital
• Broker: Eric Roth - Newmark
• Units: 190
• Square Footage: 129,000
• Price Per Unit: $763,158
• Price Per Square Foot: $1,124

Key individuals involved in this deal include Eric Roth, who represented the brokerage firm Newmark in the transaction. The sellers comprised a partnership including SB Development, Hazelton Capital Group, and Avenue Realty Capital, highlighting a collaborative effort amongst these entities in the sale of the property.